JP Morgan has given advisors the green light to offer all wealth manager clients access to cryptocurrency funds.
JP Morgan wealth management clients have something new to celebrate today. A report from Business Insider states that JP Morgan has contacted its advisers and given them the green light to execute crypto transactions on behalf of its clients. The move will make JP Morgan the first major bank in the United States to give the green light to crypto trading across the board.
The note sent to advisers told them that they can now take orders on five crypto products. Four of the products are from Grayscale Investments, including Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic. The fifth fund is Bitcoin Trust from Osprey Funds.
Insiders report that this decision will apply to all JPMorgan clients who are in the investment advice market. This includes JPMorgan’s self-directed clients who use the bank’s commission-free Chase trading apps, high net worth clients managed by top advisors, and high net worth clients serviced by private banking. Additionally, JP Morgan advisers can only handle unsolicited cryptocurrency transactions. This states that advisers cannot recommend products but can trade based on user requests.
JPMorgan continues to expand its crypto services
While JPMorgan had previously offered crypto trading, it stipulated which clients were allowed to participate. Until now, only private clients were allowed to invest in a bitcoin game managed with the help of NYDIG.
This expansion follows the news that the bank was recruiting several positions related to digital currency. Among the jobs posted were lists of people with cryptocurrency experience, especially those who were familiar with bitcoin and Ethereum. In total, JPMorgan listed 34 crypto-related open positions in June. Jobs range from project managers to blockchain engineers.
Jobs were scattered around the world, some in the United States, Singapore and Greece. It is currently unknown how many of these positions are still open. Talent search shows that JPMorgan is serious about making the switch to blockchain technology and cryptocurrencies. This is a big change from just a few years ago when JPMorgan was among those who shared a negative view of bitcoin.
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